News Hey Small Business Owners...What are you doing to ride the storm out? - Page 16

How are you handling HR issues?

Are you applying for SBA loans?
There are several types of loans. And new info is appearing daily.

Capital up to $10MM.
Up to 30 years to repay. Some actually are forgivable.
3.75 to 4%

https://disasterloan.sba.gov/ela/

https://www.inc.com/kevin-j-ryan/sma...incthismorning

My world: Everyone at the software companies are working remotely. The chocolate factory shut down yesterday due to not be considered an essential business. The chocolate elve had already left due to health concerns. I handle all the commercial rentals myself so no impact:

I don't intend to lay-off anybody...if this stretches into June or July...then we may look at cutting salaries by 25 to 50%. With the $1,200 everyone is getting already from the gov, and the 4 month unemployment (+$600/week additional), if we have to do layoffs, then the Team will not be totally without funds.

What are you doing to ride the storm out?
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Originally Posted by O.city:
We just set it up as an LLC this month.

It's an existing dental practice that has been in operation for 30 plus years, i just took over March 6th. Kept everything the same, just name change.

With it being in business so long and with minimal changes, I would think it would qualify. But that is just my idiot's guess at it.
[Reply]

Originally Posted by Mr. Plow:
With it being in business so long and with minimal changes, I would think it would qualify. But that is just my idiot's guess at it.

I mean, i would think so. I don't really understand why it wouldn't.
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Originally Posted by O.city:
I mean, i would think so. I don't really understand why it wouldn't.

Me too. Only change would be change in ownership - not sure how that would disqualify you, but I saw the Chiefs win a Superbowl this year so at this point anything is possible.
[Reply]

Originally Posted by O.city:
I mean, i would think so. I don't really understand why it wouldn't.

If they end up basing it on payroll history you won’t have any.

Hope you can get something going. If PPP doesn’t work hopefully the disaster money will
[Reply]

Originally Posted by Buehler445:
If they end up basing it on payroll history you won’t have any.

Hope you can get something going. If PPP doesn’t work hopefully the disaster money will

I have all the payroll history from the previous owner. WOuld that matter?
[Reply]

Originally Posted by O.city:
I have all the payroll history from the previous owner. WOuld that matter?

That's why I think you'll qualify. You have a documented history of payroll with the office staff.
[Reply]

Originally Posted by O.city:
I have all the payroll history from the previous owner. WOuld that matter?

No idea. I wouldn’t think so if you set up a new LLC as opposed to buying shares of an existing one. The new one would be legally separate which is why you want it. That would make it something altogether different.

That’s my guess, but if I were you I’d say “fuck you Buehler” and try like hell to get it. All they can say is no.
[Reply]

Originally Posted by Buehler445:
No idea. I wouldn’t think so if you set up a new LLC as opposed to buying shares of an existing one. The new one would be legally separate which is why you want it. That would make it something altogether different.

That’s my guess, but if I were you I’d say “**** you Buehler” and try like hell to get it. All they can say is no.

Thats what I'm thinking i'm gonna do. Just file it and see what happens. I'm gonna use it to pay for employees either way and i'd think they want people to stay employed.
[Reply]

Originally Posted by Mr. Plow:
With it being in business so long and with minimal changes, I would think it would qualify. But that is just my idiot's guess at it.

I would agree with it....the business in and of itself was operating pre-COVID. Of course, this is the government we're talking about!
[Reply]

Originally Posted by Mr. Plow:
That's why I think you'll qualify. You have a documented history of payroll with the office staff.

I would tend to agree...it was an existing business prior to Feb....change of ownership shouldn't impact that....
[Reply]